Price has respected our trend line ( blue line ) broke resistance ( green line ) and is heading up to our TP zone ( green box )
Obviously this pairing is in an up trend as indicated by our trend line ( TL ) if you cant see that then go book an appointment with your optician ;p
Also if you get the daily chart up on this pairing you will see the last 3 candles were bullish, this means buying power is strong, The weekly candle last week was a lovely big bullish candle and forming already on the monthly chart we have a small bullish candle forming.
So all technical analysis is pointing to a buy, we will be waiting to see how the market opens tonight before jumping into this trade, if it opens as we expected we will take the trade, or we might wait until tomorrow to see how it plays out.
After last weeks run up on breakout of UST 10yr pair are looking extremely overbought- think its fair to say we are on opposite side of this trade (for multiple reasons) looking for a retest of 109 into April
Equally i cannot disagree with your support line trend but its 130 pips back down to that level from here
ApexFX_Pro
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@forexTrdr, very interesting argument, but I still have to disagree with you.
We will just have to see how the trade plays out.
UnknownUnicorn4265773
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nice analysis bro , check the one I post right now
Captain_Walker
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It looks like a possible bull trap to me, from the momentum picture on the weekly and 3D time frames.
Equally i cannot disagree with your support line trend but its 130 pips back down to that level from here